In this paper, we compare the financial characteristics of Hong Kong and Singapore manufacturing firms with the MANOVA (Multivariate Analysis of Variance) technique. Our findings indicate that the liquidity, accounts receivable turnover, inventory turnover, total assets turnover, and equity...

During the October 9, 2007-March 9, 2009 period, the U.S. stock market experienced the worst bear market in its history since the Great Depression. Empirical studies show that exchange-traded country index funds can provide portfolio diversification benefits to investors in bull markets....

The 2008 crash was the most important global stock market crash in history since the Great Depression. In this paper, we study the contemporaneous co-movements of and the time-series lead/lag linkages between global stock markets after the 2008 stock market crash by using the time-varying...

The capital budgeting decision is one of the most important financial decisions in business firms. In this case, Variety Enterprises Corporation (VEC) is considering whether to invest in a new production system. To determine if the project is profitable, VEC must first determine the weighted...

International finance theory argues that integrated markets are priced using common information. In this study, we search twelve European Capital Markets for breakpoints in the way assets are priced and correlate these dates to events in each country. Our analysis shows that the events are...

Business risk and financial risk are among the most important concepts in corporate finance. The total risk of a corporation is the sum of its business risk and financial risk. Business risk is the risk of the corporation before the financing decision. It is the uncertainty inherent in the...

The number of cross-border mergers and acquisitions has increased considerably after the 2007-2008 financial crisis. However, the post-crisis M&A market has not been studied sufficiently. In this paper, we compare the financial characteristics of the U.S. companies acquired by foreign companies...

Global portfolio diversification is recommended because of low correlation between national equity markets. However, recent empirical studies find that correlation between national stock markets has been increasing and the benefit of global portfolio diversification has been decreasing. In this...

Market reaction to mergers and acquisitions is a popular research topic in finance. It has been well documented in empirical literature that target companies earn significant abnormal market returns in corporate acquisitions. However, the effects of stock market crashes, and the effects of...

This article studies the changes in the co-movements of the twelve largest European equity markets after the 1987 international equity market crash. Tests based on Box M and principal component analysis indicate that the comovements of these equity markets changed significantly after the crash....